Tiffany Report

Tiffany&Co Annual Report
A.IntroductionTiffany & Co, home office at New York City, is a luxury American multinational jewelry and silverware corporation with over 8,000 employees. They produce jewelry, sterling silver, china, crystal, stationery, fragrances, and watches. But it is well-known for its luxury goods, like diamonds: diamond jewelry and especially its diamond engagement rings. Tiffany has more than 200 retail stores all over the world and they also sell their products through direct-mail (catalogue), corporate merchandising and wholesale to third-party distributors. As the major jewelry producer in the world, Tiffany has kept increasing their sales in the whole jewelry market, leading this domain for almost 10 years. Michael J. Kowalski, the CEO of Tiffany&Co Inc., has made a new announcement in Tiffany’s annual report that Tiffany achieved record financial results in the year ended January 31, 2012 (“fiscal 2011”). Net sales rose 18% and net earnings increased 19%, surpassing the goals they had set at the start of the year. (Tiffany Annual Report 2011)

B.Industry Situation and Company PlansNowadays, luxury jewelry market is controlled by three leading companies, Cartier, Bulgari and Tiffany. Although Tiffany always keeps the stable percentage in the market share, it has to pay more attention to the challenge from the industry itself. Under current jewelry industry, the gross margin of silver products become fewer and fewer because people do not want to pay on the silverware as much as they used to pay. Golden is their new favorite. So, for Tiffany whose key products are silver jewelry and accessories, they need a new plan to reorganize their silver product lines. Moreover, the production of diamond is far way difficult than before. According to the CEO Michael, the yields of diamond around the world have continuously decreased in the past 5 years. The Diamond, as Tiffany’s core products, is so scarce that it may be the most painful headache...

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...ACCOUNTING PROJECT
Tiffany &amp; Co.
Company Profile
Tiffany &amp; Co. is a holding company that operates through its subsidiary companies (the "Company"). The Company's principal subsidiary, Tiffany and Company, is a jeweler and specialty retailer, whose merchandise offerings include an extensive selection of jewelry (91% of net sales in fiscal 2011), as well as timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories. Through Tiffany and Company and other subsidiaries, the Company is engaged in product design, manufacturing and retailing activities.
Tiffany was founded in 1837 when Charles Lewis Tiffany opened a store in downtown Manhattan. Today, more than 250 TIFFANY &amp; CO. stores and boutiques serve customers around the world.
The Company's operating segments are as follows: the Americas region (50% of fiscal 2011 sales) includes sales transacted in TIFFANY &amp; CO. stores in the United States, Canada, Mexico and Brazil, as well as sales of TIFFANY &amp; CO. products in certain of those markets through Internet, catalog, business-to-business and wholesale operations; the Asia-Pacific region (21% of fiscal 2011 sales) consists of sales transacted in TIFFANY &amp; CO. locations in Australia, China, Hong Kong, Korea, Macau, Malaysia, Singapore and Taiwan, as well as sales of...

...Tiffany’s Little Blue Box: Does It Have Any Strategic Significance?
What are the company's vision/mission and objectives?
Vision statement: “Tiffany & Co. collaborates with other forward-looking leaders in the jewelry industry and with nongovernmental organizations in order to positively influence the entire jewelry supply chain”.
Mission Statement: “ to be the world’s most respected jeweler”.
Objectives: To was to remain one of the top higher quality players along with companies like Bulgari and Cartier.
Marketing Strategy
Targets the more affluent population and still maintains their no haggling policy, something which dates back to the original store.
Business Strategy
Strict hiring standards, every employee must compete six to eight weeks of training in knowledge, skills, and product training, as well as pass a written test before they are allowed to meet customers and work on the Tiffany & Co. sales floor.
Foreign Markets
The company has expanded its stores international locations, Europe and the Asia-Pacific.
SWOT Analysis
Strengths
• Strong Direct Selling Strategy
Tiffany has multiple direct distribution options. US retail sales include direct sales through Tiffany stores or through business-to-business direct selling operations. The company sells its products online at tiffany.com and through catalogs. The company offers products through its website.
• Broad offerings...

...Specific Product: Tiffany
Description: Tiffany &amp; Co is the world's most celebrated jeweler, with an unrivalled reputation for sophisticated luxury.
Organization/Company: Tiffany &amp; Co Company
1. What ethical concerns could arise in marketing this product?
The factory associated with Tiffany opened in 2007 and Indian and Mauritian artisans came to train the Botswana employees. But the article tells us that the workers went on strike, in protest against the working conditions: they say the plant is "prisonlike", they are threatened by the managers and have no right to variable salaries like other employees. Tiffany is faced with a real ethical dilemma: to avoid "blood diamond" sourcing, the brand has to transfer know-how to African employees. However, if the contentions regarding working conditions are true, the brand has merely replaced one evil with another.
With increasing global concern over conflict diamonds, it’s hard to see how Tiffany &amp; Co. will be able to maintain its once sterling brand image against such reports. Chief Executive Michael Kowalski stated he’d like his clientele’s focus “to be on the quality of the diamond ring, not how it came to be.” Here is a CEO who does not understand the paradigm shift that we are living today: customers want both excellent diamonds and to know where they come from.
MARKET RESEARCH:
2. Describe a...

...Tiffany & Co.
Overview
Tiffany & Co. is a retailer, designer, manufacturer, and distributor of luxury fine jewelry. As of January 31st, 2003, they had 44 company-operated stores within US borders and 82 company-operated stores internationally. Fine jewelry makes up 79% of their net sales followed by other products such as timepieces, stationery, and sterling silverware. Michael J. Kowalski, Tiffany & Co.’s current CEO, has the same mission the company had when it first started in 1837: to be the world’s premier luxury brand of fine jewelry as well as America’s house of design.
S.W.O.T.
Tiffany & Co. has done an outstanding job in developing a strong brand name, which represents nothing but the best, most durable, and most luxurious jewelry. Part of their strong reputation can be accredited to their company-operated stores, which quickly differentiate Tiffany & Co. from competitors who sell their products through other distributors. The company-operated stores strengthen the brand name even more by physically isolating Tiffany’s name and its products, giving them a prestigious image. Tiffany & Co.’s advertising campaigns have done a good job in targeting their ideal upper to middle class customer. Their ads have been strategically placed in newspapers such as The New York Times and The Chicago Tribune, and in magazines such as New Yorker, which tend to be read by a...

...Annual report is distributed to current shareholders and potential investors. Employees (who today are also likely to be shareholders), customers, suppliers, community leaders, and the community-at-large, however, are also targeted audiences. Annual report is published and sent to all shareholders, investors, suppliers and creditors. An online copy of annual report is also available for other consumer’s interest.
2.
The annual report serves many purposes. Stakeholders will require financial information to get an understanding of the performance of the organization. It provides management with an opportunity to praise employee innovation, quality, teamwork, and commitment, all of which are critical components in overall business success. Employees also are often shareholders. So, like other shareholders, these employees can use the annual report to help gauge their investment in the company. Customers want to work with quality suppliers of goods and services, and an annual report can help a company promote its image with customers by highlighting its corporate mission and core values. By highlighting internal measurements of quality, innovation, and commitment, annual reports can send an implicit message to suppliers about the company's expectations of outside vendors.
3.
Annual report financial information includes income statements, balance sheets, cash...

...In 1837 Charles Lewis Tiffany and John F. Young opened Tiffany & Young, with $1,000 in backing from Tiffany's father. This store was located on Broadway and was opposite of Manhattan's City Hall Park. The first store sold stationery and a variety of "fancy goods," including costume jewelry. Unlike other stores of the time, Tiffany featured plainly marked prices that were strictly enforced to, sparing the customer the usual practice of haggling with the owner or sales man. Tiffany also departed from the norm by insisting on cash payment rather than extending credit or accepting barter. Tiffany's also sold watches and clocks, a variety of ornaments and bronzes, perfumes, hair and skin products, dinner sets, moccasins, belts, and numerous other cute knick knacks. Charles also = introduced sterling silver to the United States in 1852, a year after contracting John C. Moore to produce silverware exclusively for Tiffany's.
Tiffany's was an emporium for military supplies during the Civil War, producing swords and importing rifles and ammunition. During the Gilded Age that followed, its main problem was not selling jewelry but finding enough to satisfy the demand. Also during this time period Tiffany’s became known for having the best silverware on the market. Tiffany's prestige reached a new level when it won the gold medal for jewelry and grand prize for silverware at the Paris Exposition in 1878. Soon it was serving...

...History of Tiffany & Co.
Specific Purpose: I will inform my audience about the history of Tiffany & Co.
Central Idea: Tiffany & Co. has long been known for its luxury goods, particularly designer jewelry and silverware.
INTRODUCTION
For over 170 years, people from all over the world have been amazed by Tiffany’s quality and luxury items, from shinning gold jewelry to silver charm bracelets to colorful gemstones.
Founded in 1837 in New York City by Charles Lewis Tiffany.
As I have seen on the previous surveys I noticed most of you haven’t heard of Tiffany & Co I will be informing you of its luxurious background right from the streets of New York City.
When the customer purchases a piece of jewelry or even silverware they know they are getting their money’s worth. As you may already know quality is better than quantity.
Tiffany & Co. has long been known for its luxury goods, particularly designer jewelry and silverware.
BODY
Tiffany & Co rising legacy through the centuries.
Behind the name of Tiffany & Co.
The beginning of a successful business.
In 1837, Charles Lewis Tiffany & John B. Young established Tiffany & Young.
Charles L. Tiffany borrowed $1,000 from his father to set up a small stand and gift shop in New York City.
Their first three days in business brought...

...Strategic Report for Tiffany & Company
Harkness Consulting
Innovation through Collaboration
Jenn Wilcox Scott Damassa Zeeshan Hyder April 14, 2007
Table of Contents
Executive Summary ………………………………………….. 3 Company History ……………………………………………… 5 Competitive Analysis ………………………………………… 9
Internal Rivalry ………………………………………………….... 9 Entry ……………………………………………………………….... 12 Substitutes and Complements ………………………………. 12 Supplier Power …………………………………………………... 13 Buyer Power ………………………………………................... 15
SWOT Analysis ……………………………………………… 15 Financial Analysis …………………………………………… 17 Strategic Issues and Recommendations ……………. 20 References …………………………………………………… 25
Harkness Consulting
2
Executive Summary
Throughout its history, Tiffany & Co has been a luxury jewelry brand associated with romance, quality, and style. Originally gaining fame as a silversmith and later for its association with engagement rings and diamonds, Tiffany & Co now reaches a wide market through its sale of high-end jewelry, watches and glassware. Tiffany’s has grown steadily alongside the American economy and expanded across the United States and into South America, Europe, Asia and Australia. The firm offers a wide array of price points in its pieces, from sterling silver items under $100 to quarter of a million dollar signature pieces covered in diamonds and other gems. Tiffany & Co sells jewelry under its own name as...